Özet:

The main aim of this study is to highlight the breaking of the minimum financial balance rule by companies and propose ways of financing the long and medium term needs of SMEs in a context of excessive rationing of bank credit in order to obtain a balanced financial structure. We data from two surveys, the first based on the observation of 70 Cameroonian SMEs in 2011 in which we focus on the frequencies of the alternative methods of financing the long and medium term needs of SMEs. On the data of the second survey performed between 2013 and 2016 on 452 SMEs in Cameroon, we apply a Logit regression to empirically explain the probability of the choice of the mode of financing made in the presence of credit rationing and use the techniques leading to a mode of financing to highlight the modes of financing chosen by SMEs. Our results show the following modes of financing: For the first survey; equity, savings and loan associations (tontines), assistance from friends and family members, microfinance institutions, intercompany credit, leasing institutions, and bank credit. For the second survey: savings and loan associations, microfinance institutions, intercompany credit, help from friends and family members, contributions of partners, leasing institutions, and the issue of new shares are found as the main modes of financing. These findings can be important in line with the Modigliani and Miller, Myers and Majluf, and Quintart models if the question of the financing of SMEs in the context of excessive credit rationing is to be addressed.

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